Egypt’s Suez Canal revenues go down by 61% to $3.9 billion in 2024 due to Red Sea tensions

CAIRO – 17 April 2025: The Suez Canal’s revenues decreased by 61 percent to $3.991 billion in 2024 from $10.250 billion in 2023 due to the ongoing tensions in the Red Sea and Bab al-Mandeb due to the escalation between the US/Israel and Yemeni Houthis, announced Suez Canal Authority (SCA) Chairman Osama Rabie during the SCA’s "Excellence Day" celebration on Wednesday.

Rabie noted that a total of $39.919 billion is the value of the Suez Canal revenues over the period between 2019 and 2024 as the revenues have been negatively impacted by several crises like the Covid-19 pandemic, the grounding of the Ever Given Ship in the canal, and the ongoing tensions in the Red Sea and Bab al-Mandeb. The canal has garnered $5.804 billion in 2019 and $5.606 billion in 2020, increasing to $6.334 billion in 2021 and $7.934 billion in 2022, reaching its highest annual revenue in history of $10.250 billion in 2023.

Rabie added that the number of vessels passing through the Suez Canal slightly increased in March 2025 by 2.5 percent compared to January 2025. He explained that the number of transiting vessels increased by 2.4 percent in March while the net ship tonnage increased by 7.1 percent, noting that the revenues also increased by 8.8 percent, compared to January 2025. As for the revenues, the Canal gained $335.6 million in March compared to $308.5 million in January 2025.

“The escalating challenges in the region did not prevent the Suez Canal from continuing to provide its navigational and maritime services and implementing its ambitious strategy,” Rabie stressed. He also pointed out that the Suez Canal exerts efforts to be a regional center for providing various maritime and logistical services.

Rabie further stated that the Suez Canal has completed the Southern Sector Development Project, which aims at expanding the southern entrance of the canal. This project enhances navigational safety and reduced impacts of water currents on transiting vessels. 

Moreover, the canal's capacity has increased by an average of 6-8 vessels.

At the conference, Rabie announced the Suez Canal Authority’s first eco-friendly services of collecting solid waste from the transiting vessels, in cooperation with Greece’s V Group, in a step towards announcing a green canal by 2030.

The Suez Canal Authority's "Excellence Day"  was attended by Prime Minister Mostafa Madbouly, Minister of Environment Yasmine Fouad, and Minister of Local Development Manal Awad. The celebration was held to announce the authority's launch of a number of maritime services, memoranda of understanding, and new projects.

During the celebration, the SCA announced the inauguration of the floating Bentonite (floating concrete) factory, the opening of the Suez Canal Academy for Creativity and Excellence, and the signing of a memorandum of understanding with Spain's Tejedor Lazaro Group specialized in farming, management, and operation of fish and shrimp farms, and the feed industry.